Australia Set to Introduce Tax on Bank Deposits

The Australian government looks set to introduce a tax on bank deposits. The move has been criticized as “a smash and grab on Australian households just aimed at repairing the budget.”

Steven Munchenberg from the Australian Bankers' Association said it would be a damaging move for the government.

"And we also oppose it because particularly at this point in time with low interest rates a lot of people who are relying on their savings for their incomes are already seeing very low returns and this will actually mean they get even less money."